TD Securities Upgrades Penn West Energy (PWE) to Buy

TD Securities upgraded Penn West Energy (NYSE: PWE) from Hold to Buy with a price target of C$3.00 (from C$2.75).

Analyst Juan Jarrah commented, "In our view, Penn West has come to the final stretch of a successful divestiture program and corporate transformation. Looking ahead, the focus now shifts towards execution on the right-sized asset base. This includes forecasts of double-digit growth (Q4/16 to Q4/17) on the remaining assets, continued reductions to cash costs, and building on positive well results within the core areas. We are moving to a BUY rating (from Hold), and taking our target price to $3.00 (from $2.75)."

For an analyst ratings summary and ratings history on Penn West Energy click here. For more ratings news on Penn West Energy click here.

Shares of Penn West Energy closed at $1.43 yesterday.

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